Kelly Resigns from AXIS Board

January 31, 2006

Bermuda-based AXIS Capital Holdings Limited announced that Edward J. Kelly III has resigned from its Board of Directors.

AXIS explained the decision, as “due to guidelines published by Institutional Shareholder Services recommending that CEOs of publicly-traded companies serve on no more than two public boards outside their own board.”

Kelly has served as a director of AXIS Capital since September 2002. Since March 2001, he has been CEO, President, and a director of Mercantile Bankshares Corporation, and Chairman of its Board of Directors since March 2003. He is also a director of CSX Corporation and Hartford Financial Services Group.

AXIS Chairman Michael Butt stated: “The Board, the Company and I are all grateful to Ned for his valuable contributions, support and service during AXIS Capital’s critical development stages.”

Kelly’s resignation takes effect Jan. 31, 2006 and the Company said it has “no immediate plans to appoint a successor.”

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